The formula which the SMHS MD Program Office of Financial Aid uses to award its limited institutional aid for 2023-2024 is described below. "Packaging" is the technique of identifying and assessing the components of an applicant's resources in order to determine, and then help meet, his/her calculated need.
|Base Budget||$ XXXXX 1|
|Student Contribution||- XXXX 2|
|Parent Contribution||- XXXX 2|
|Institutional and Outside Scholarship/Resources||- XXXX 3|
|Federal Direct Unsubsidized Stafford Loan||-$ 20,500 4|
|Equals Initial Unmet Need||= XXXX 5|
|Percentage of the Budget||- XXXX 6|
- All students are assessed with the appropriate year's base budget. This is the Cost of Attendance less outside resources (scholarships, tuition reimbursement programs, military tuition assistance, etc.).
- The calculated student's and parents' expected contribution are derived from information entered on the FAFSA, tax documents, and Need-Based Aid Application data.
- All institutional merit awards and outside scholarships and resources are considered.
- All GW aid applicants are expected to borrow at least $20,500 in Federal Direct Unsubsidized Loans to be eligible for institutional aid.
- Unmet need is derived by subtracting the resources from the budget figure.
- There is a portion of the budget that we cannot meet with our institutional funds. This amount is approved annually by the Financial Aid Advisory Committee.
- Eligibility is determined by the Initial Unmet Need less the calculated portion of the budget.
Please note that need-based awards are subject to priority deadlines:
Incoming students: March 1, 2023
Returning students: May 1, 2023
NOTE: Applications for institutional aid not completed by August 5, 2023, will be packaged with Federal Direct Loans only.